BioTime Inc. (NASDAQ:BTIM) completed apublic offering of 900,000 shares at $5.13 pershare, netting about $4.15 million, the Berkeley,Calif., company reported Thursday. ThomasJames Associates Inc. handled the offering.The company is also trading on the BostonStock Exchange under the symbol BTM,company President Paul Segall told BioWorld.BioTime now has about $6.2 million cash onhand with a burn rate of about $100,000 permonth. Its last public offering on March 5, 1992,netted about $4.8 million. It plans to use themoney to finance product development andtesting programs, and to seek FDA approval ofits blood-substitute and organ-preservationsolutions.The company is testing its ice-cold bloodsubstitute in animals, and plans in the next yearto apply to the FDA to begin testing in humans.BioTime hopes to submit an application for apre-Investigational New Drug meeting with theFDA on its plasma substitute in a similar timeframe, Segall said.031894BioTime
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